Sensex Plunges 488 Points; Realty And Energy Stocks Witness Selling

India share markets witnessed huge selling pressure during closing hours and ended their trading session deep in the red. Most of the losses were seen on the back of weak global cues.

At the closing bell, the BSE Sensex stood lower by 488 points (down 1.3%) and the NSE Nifty closed down by 138 points (down 1.2%).

The BSE Mid Cap index ended the day down 1%, while the BSE Small Cap index ended the day down 1.2%.

Sectoral indices ended in the red with stocks in the realty sector and energy sector witnessing most of the selling pressure.

The rupee was trading at 69.62 against the US$.

Asian stock markets finished deep in the red. As of the most recent closing prices, the Hang Seng was down by 1.2% and the Shanghai Composite was down by 1.1%. The Nikkei 225 was down 1.5%.

European markets were also trading on a negative note. The FTSE 100 was down by 0.4%. The DAX was trading down by 0.2%, while the CAC 40 was down by 0.3%.

BSE share price was in focus today as the company's board approved buyback of 67.7 lakh shares.

The company plans to buy back its fully paid up equity shares of Rs 2 each at Rs 680 per equity share through tender offer route. The total amount of buyback size will be a maximum of Rs 4.6 billion.

The company proposes to buy back 67.64 lakh equity shares an offer price, representing 13.06% of the total paid-up equity capital. The buyback offer size represents 24.73% of aggregate of the total paid up capital and free reserves.

Apart from the above, the company also reported a standalone net profit of Rs 2 billion during 2018-19. The operating earnings before interest, taxes, depreciation, and amortization (EBITDA) was Rs 253 million as per standalone results. The board of the company also recommended payment of dividend of Rs 25 per equity share of face value of Rs 2 each.

After taking into account the interim dividend of Rs 5 per share paid in the month of December 2018, the total dividend for the financial year stands at Rs 30 per equity share of the face value of Rs 2 each.

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